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Filing I-T returns: Dos and don'ts

Filing of income tax returns is ongoing. Taxpayers often resort to professionals to assist them with the process. But with some attention, one can do it on their own.

The deadline to file returns for 2016-17 is July 31. Depending on the type of income, you may have to file ITR-1, ITR-2, ITR-3 or ITR-4

Here are some tips that many people miss.

In context: How to file I-T returns?

07 Jul 2017Filing I-T returns: Dos and don'ts

Filing of income tax returns is ongoing. Taxpayers often resort to professionals to assist them with the process. But with some attention, one can do it on their own.

The deadline to file returns for 2016-17 is July 31. Depending on the type of income, you may have to file ITR-1, ITR-2, ITR-3 or ITR-4

Here are some tips that many people miss.

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E-filingSome taxpayers have the option of skipping e-filing

Did you know you can skip e-filing and go the paper way if your income is less than Rs. 5L? This is also applicable for Hindu Undivided Families (HUF) whose total income is below Rs. 5L, and for people aged above 80.

However, you have to e-file if you are eligible for a refund.

Starting 2016-17, you can also revise belated returns.

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Mentioning all bank accounts compulsory

It is compulsory to disclose details of all bank accounts, irrespective of whether they are operational or not. If you or your HUF's total income is over Rs. 50L, you have to mention all assets and liabilities, including cost of acquisition etc of all properties.